Anti-terrorism bill as urgent as pandemic: Council defends Philippines President
Philippine President Rodrigo Duterte
Theanti-money laundering body of Philippines has warned the government of delaying action in implementing the new anti-terrorism bill.
The council has warned that the country could find itselfincluded in an international “grey list” of the countries falling short of global money-laundering rules.
The bill has not won hearts of the public of the country, as some fear it could impose restrictions on free speech, and could result in harassment of those who oppose the government.
The bill has been drafted and is awaiting final signature of thePhilippine President Rodrigo Duterte.
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Fearing a further decline in the economy,the Anti-Money Laundering Council said, it must pass and show it could implement tougher measures to combat terrorism before the observation period set by the intergovernmental Financial Action Task Force expires in February.
“The Philippines’ inclusion in the grey list will result in an additional layer of scrutiny from regulators and financial institutions,” the council said in a statement, adding it will also put at risk the country’s goal of getting an “A” credit rating.
The council has also come to defence of the President for taking anti-terrorism bill as a priority instead of a stimulus package for the victims of the pandemic. “Fighting terrorism is just as urgent because it also concerns protecting life," the council said.